Bitcoin remains under $40,000 today, but some suggest that greater and more profound institutional buy-in is coming, which would assumedly propel that price skyward.
William Suberg at Cointelegraph reports on information that a full 30,000 Bitcoins left the Coinbase Pro exchange lately.
“For Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, institutional BTC buying “might be the big narrative” in the crypto space once more,” Suberg writes. “Ki highlighted figures from Coinbase Pro, the professional trading offshoot of United States exchange Coinbase, that confirm that large tranches of BTC continue to leave its books. Those tranches totaled 30,000 BTC in a single day this week, and the event is not an isolated one, with March seeing similar behavior.”
Suberg also notes the effect of U.S. President Joe Biden’s recent executive order arranging for more crypto regulation, which some critics have called a “mixed bag.”
“There’s a number of good things and kind of bad things associated,” Crypto Republic head Andrew Durgee reportedly told FOX Business’ Maria Bartiromo last week, “But it is (a) seemingly disorganized order from our opinion.”
Durgee also suggested there are too many agencies involved. Critics of the U.S. Securities and Exchange Commission’s position on stablecoins and other digital assets would probably be inclined to agree: incoming head of the SC Gary Gensler has ruffled feathers by signaling more aggressive regulation of similar assets, which, in his view, could be securities.
“There’s no reason to treat the crypto market differently just because different technology is used,” Gensler said at the recent Penn Law Capital Markets Association’s annual conference, according to reporting by Alex Gailey at NextAdvisor (jointly branded with Time). “These crypto platforms play roles similar to those of traditional regulated exchanges. Thus, investors should be protected in the same way.”
Keep an eye on how the executive order and other new initiatives affect crypto.